recognized market
noun
: a market in which a secured party sells collateral upon a debtor's default, which does not rely on competitive bidding or haggling, and in which prices are stated publicly and presumed to be commercially reasonable
Note: Under the Uniform Commercial Code, a creditor is not required to notify a debtor of the sale of collateral in a recognized market.
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“Recognized market.” Merriam-Webster.com Legal Dictionary, Merriam-Webster, https://www.merriam-webster.com/legal/recognized%20market. Accessed 29 Nov. 2024.
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